home | Blog

Bosses Day

September 6, 2009

Tags: boss, Labor Day, Recession, unemployment, workers
Categories: Family Business, Management, Ownership

On this Labor Day weekend we recognize the contributions of American workers.

With news this week that the national unemployment rate has risen to 9.7%, there are, unfortunately, fewer of them. And it really says something when over 200,000 jobs lost counts as good news.

But things could be worse, much worse. For all the hoopla given the trillion or so dollar stimulus package, when all is said and done, the real heroes to emerge will be American bosses.

Those entrepreneurs, owners and managers who’ve had to make gut-wrenching decisions about others’ livelihoods while enduring their own uncertainly over how they will care for their families.

Hail Boss!

It’s these bosses who have seen their life’s work eroded. Who have watched the Internet steal their customers overnight. Who have watched overseas competitors drive prices down. Who have been forced to accept worse and worse health insurance for more and more money – affecting everyone in their companies.

And they know many of these changes are permanent.

They know that even when the economy stabilizes they’ll be forced to modernize their businesses and find a new formula for success.

Such is the plight of owning and managing a business.

So this Labor Day, let’s hear it for the bosses. Without them, there wouldn’t be any jobs at all.

Posted by: Steve Banis

Comments (0)

You OK?

October 19, 2008

Categories: Advertising, Courage, Decision Making, Family Business, Management, Marketing Message, Social Networking, Strategy

I’ve got a couple of close friends who have senior positions in financial services. One’s at Wachovia, the other at UBS.

My friend at Wachovia, once considered one of the most conservative banks in the country, thinks he works for Wells Fargo now, although he’s not sure if he’s actually still employed. I asked my other friend at UBS how things were a couple of weeks ago. He told me that the bank had written off many billions over the summer and it was felt that most of the bad news was already dealt with. But this past week the Swiss National Bank put $5.3 Billion into UBS and established a fund to take on up to $60 Billion in thier risky assets.

How deep does the well go? Your employees, team member, suppliers, vendors, partners, and others are wondering the same thing.

Our government’s “rescue plan” signals the start of what is likely to be an 18 to 24 month struggle. When the sun shines brightly again, those standing will prove they’ve had the chops to compete, survive, and even grow. Right now, it’s time to close ranks.

When almost all the news seems as bad as it does now, the first thing to do is to speak with those in your inner circle. Ask them if they’re OK. Then tell them how you’re sizing up the situation – and be as honest and direct as you can be. Then ask for their help. Empower them to feel a part of the solution.

Your customers, suppliers, vendors, partners, and more want to deal with those they can trust to fulfill their promises. Where it applies, the media will also want to know your status. It’s essential that those on your front lines be fully briefed and know the game plan.

Start with your staff and team members – including yourself. Figure out the questions others will ask, and be ready with your answers. Be proactive: Pick up the phone, send an email, or a personal letter. Talk about how you see things right now. What your plans are. How you value your relationship with them and that you’ll be around to continue growing that relationship.

Your inner circle is the foundation for survival and growth. Take the time to check for cracks and fix any you find. Show understanding. Be reassuring. Show vision. Be a leader.

When you go home at the end of the day, you’ll probably have some fear and doubt – you wouldn’t be human if you didn’t. Be sure that you communicate with your personal inner circle as well. Include family, friends, clergy, your trainer, and yes, your psychotherapist. Don’t carry the weight alone. It’s selfish and a recipe for failure.

You’ve got a long road ahead. Pack a lunch. And invite all those close to you along for the trip.

Posted by: Steve Banis

Comments (0)

The next generation

August 12, 2008

Categories: Family Business, Strategy

I’ve recently had a number of meetings with very established family businesses. While discussing their business development plans, I’ve been reminded of some words of caution from my dad given to me several years ago.

I grew up in a family business so I have a special place in my heart for the men and women who have built an enterprise that supports their family as well as the families of their associates and employees.

One of the most difficult decisions any family business entrepreneur faces is when to let go of the reins – and more importantly – who to give them to. When it comes to their children, many of these trailblazers have high hopes that the next generation will take the family business and build it to greater heights. But for every success story, there may well be several heartbreaking ones.

Seeing our children through rose-colored glasses can put all that has been built at risk. It puts employees at risk, customers at risk, and future retirement income at risk. Although unintentionally, it also puts the future of the children taking over the business at risk.

Succession planning is a tricky thing…sort of like changing quaterbacks (ya hear that Green Bay?). The key is to look at the next generation as you would any potential new owner of the business. Do they have the passion, the skills, temperament, and leadership qualities necessary to stick to a plan and take the business to the next level?

Almost every family business entrepreneur I’ve known dreams of the legacy created by passing the mantle to their children. And if they are qualified and have the passion for the job, nobody will take care of the business and its people better than someone with the perspective of having grown up with it.

Turning over a business to a child that doesn’t really want to be in that business – or wants to completely change what that business is all about – is a risky proposition. Every year is a new challenge. Markets change. Customers change. Be sure new owners, partners, and strategic allies fit the culture and the mission of the business no matter what house they grew up in.

Posted by: Steve Banis

Comments (1)

Why choose us?

Get In Touch

Burst Marketing

Bosses Day

The next generation